Carrefour offloads 60% stake in Taiwan joint venture

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French retailer Carrefour Group has sold its 60% equity stake in PresiCarre Corporation, the operator of Carrefour Taiwan, to a local food and retail conglomerate Uni-President. Allen & Overy advised Uni-President, while Clifford Chance assisted Carrefour and its investment management firm Carrefour Nederland.

The transaction valued Carrefour Taiwan at USD2 billion and will be completed by mid-2023, subject to merger control approvals.

Allen & Overy’s cross-practice team was led by Hong Kong corporate partner Tess Fang, with support from the firm’s IP and antitrust teams led by partners Nigel Parker in London and Noah Brumfield in Washington, respectively.

Clifford Chance’s team in Hong Kong comprised lead partner Emma Davies and consultants Brian Harley and Ryan Wong, with the support of partner Ling Ho and consultant Anthony Fay on IP, tax and commercial contract matters. The Paris-based team led by partners Dessislava Savova and Aline Cardin advised on the French law aspects, supported by counsel Alexander Kennedy, while antitrust advice was provided by partner Richard Blewett in Brussels and counsel Man Dayu in Beijing.

Carrefour and Uni-President established PresiCarre in 1987 as a joint venture to introduce hypermarkets to Taiwan under the Carrefour brand. After completion, Carrefour will continue to licence the brand to Uni-President, which will become the sole owner of Carrefour Taiwan.